| In September 2015,the State Council issued the "Opinions on the Development of Mixed Ownership Economy in State-owned Enterprises",which encourages state-owned enterprises to promote mixed ownership reform in an orderly manner from the subsidiary level to the group level.As an indispensable force that has driven and witnessed the development and changes of China’s reform and opening up over the past 40 years,foreign capital is now an important strategic investor in the "mixed capital" category,participating in the mixed reform of SOE groups,bringing new ideas to the mixed reform of SOEs.Therefore,it is necessary to study and discuss the involvement of foreign capital in the mixed reform of SOEs in order to provide a reference for the new round of mixed ownership reform of SOEs.This paper summarises the research on the motives,paths and performance of the mixed reform of state-owned enterprises and the impact of foreign shareholders on state-owned enterprises through a literature research method,using theories of property rights,corporate governance and strategic alliance as the theoretical basis of the article.Based on the tripartite perspective of hybrid reform,the article explores the motivation of JAC’s introduction of Volkswagen’s hybrid reform;analyzes and summarizes the hybrid reform paths of JAC Group’s different levels of companies introducing Volkswagen;and then constructs a mechanism framework for the role of introducing foreign capital in generating performance based on the theoretical basis.The performance impact of the hybrid reform is analyzed from three aspects,including market performance analysis,financial performance analysis and non-financial performance analysis,and finally relevant conclusions and recommendations are drawn.Through the analysis,the paper draws the following conclusions.(1)JAC’s introduction of VW into the hybrid reform is driven by three parties,mainly to seek transformation of the new energy vehicle industry;at the same time,the introduction of VW from the group’s controlling parent company and the joint venture company can both optimise the group’s governance and maintain the stability of the listed company’s operation,and the foreign capital can also take over the joint venture company comprehensively.(2)The Group’s holding parent company,JAC Holdings,is simultaneously "mixing capital" and "changing mechanisms" to improve shareholder governance with a balanced shareholding and a "control arrangement"with a 3/8 foreign-owned board of directors.JAC,the listed company,has achieved a roundabout hybrid reform of "mixing capital" + "attracting capital",indirectly introducing foreign shareholders and inflowing foreign capital;JAC Volkswagen,the joint venture company,has achieved "attracting capital The joint venture company JAC Volkswagen has realized the "introduction of capital" + "reform of mechanism",with foreign investors taking over the operation and management of the company,and the state-owned capital has realized the change from "management of operation" to"management of capital" in terms of supervision.(3)From the perspective of market performance,the significant increase in share price has effectively contributed to the preservation and appreciation of state-owned assets;from the perspective of financial performance,JAC’s profitability has been partially enhanced;asset operation capability has been partially enhanced;asset liquidity has been significantly enhanced and asset security is higher;debt management capability and cash generation capability have been slightly improved;ROE and EVA have not been significantly enhanced;from the perspective of non-financial performance,it has helped to enhance the integration capability of corporate resources and improve corporate governance.In terms of non-financial performance,it helps to enhance the integration ability of enterprise resources,improve the quality of enterprise products and innovation ability,enhance international influence and promote the development of Anhui new energy vehicle industry. |
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